Christian Tour Announces Intention to Float on the Regulated Market of the Bucharest Stock Exchange

• Christian76 Tour S.A. (“Christian Tour” or the “Company”) announces its intention to launch an Initial Public Offering (the “Offering” or “IPO”) and list its shares on the Regulated Market of the Bucharest Stock Exchange. BT Capital Partners S.A. (the “Intermediary“) is acting as intermediary for the transaction.

• The Offering will comprise a share capital increase to support the Company’s development and investment plans, together with a sale of existing shares by the current majority shareholder. The Offering will target retail investors in Romania and institutional investors outside the United States pursuant to Regulation S of the Securities Act. Full details will be published in the Prospectus following approval by the Financial Supervisory Authority (the “FSA”).

• Christian Tour intends to become the first pure-play tour operator listed on the Bucharest Stock Exchange, offering investors exposure to Romania’s tourism sector through one of the market’s most established players.

• In 2025, Christian Tour generated booking-date sales of approximately RON 983 million, total revenues according to IFRS of RON 807 million and adjusted EBITDA of approximately RON 44.4 million, serving nearly 369,000 travelers.

Christian Tour, one of Romania’s most recognizable tourism brands and a leading operator in the Romanian organized travel market, announces its intention to pursue an Initial Public Offering (the “Offering” or “IPO”) and seek admission of its shares to trading on the Regulated Market of the Bucharest Stock Exchange (“BVB”).

The Offering is expected to comprise both newly issued shares, as part of a share capital increase, and existing shares offered for sale by the current majority shareholder. The IPO is subject to approval of the Prospectus by the FSA. Through this transaction, the Company aims to support the next stage of its development and strengthen its position within the industry benefiting from favorable structural trends both globally and domestically.

Founded in 1997, Christian Tour has evolved from an entrepreneurial travel agency into one of Romania’s most recognizable tourism brands. The Company now operates a diversified tourism platform focused primarily on outbound tourism, facilitating international travel experiences for Romanian travelers while also promoting Romania as a destination for foreign visitors.

Cristian Pandel, Founder and CEO of Christian Tour, stated: “For nearly three decades, Christian Tour has grown alongside Romania’s tourism market. What began as a personal passion for travel has developed into a leading tourism business, built on customer trust and team dedication. Tourism offers attractive long-term prospects, driven by people’s desire to travel, explore and create meaningful experiences. Over the years, we have helped hundreds of thousands of Romanians discover destinations worldwide. The market is now entering a new phase: travel demand remains robust, Romania’s tourism sector is expanding, and consolidation activity confirms the industry’s increasing strategic importance. We believe this is the right moment both for Christian Tour’s next stage of development and for strengthening the Romanian capital market. Through this listing, we aim to build a strong tourism company with local roots, supported by domestic capital and investors who believe in the sector’s long-term potential. Our ambition is to develop Christian Tour as a leading Romanian tourism player with the scale, capabilities and performance to compete in an increasingly dynamic international industry.”

The Offering will comprise a public offering addressed to retail and institutional investors, as well as eligible investors outside the United States pursuant to Regulation S of the Securities Act, in accordance with the terms to be detailed in the Prospectus approved by the FSA.

Following FSA approval of the Prospectus and successful closing of the Offering, the Company intends to apply for admission of its shares to trading on the Regulated Market of the Bucharest Stock Exchange. BT Capital Partners will act as intermediary. The Offering is expected to take place in Q2 2026, subject to regulatory approvals and market conditions.

Company Overview

Christian Tour is one of Romania’s most recognizable tourism brands and a significant player in the Romanian organized travel market. The Company’s development mirrors the broader evolution of the Romanian tourism sector over the past three decades. Initially focused on travel agency services, Christian Tour expanded to become a tour operator designing and organizing travel packages for Romanian travelers seeking international experiences. Today, the Company operates an integrated tourism platform focused primarily on outbound tourism, offering charter holidays, travel circuits, city breaks, themed experiences and group travel services to destinations worldwide.

The Company serves hundreds of thousands of travelers annually and has established long-term relationships with airlines, hotel operators and tourism suppliers worldwide, supporting a diversified portfolio of travel products and destinations. Christian Tour distributes its products through a multi-channel model combining its own agency network, partner channels and an expanding digital distribution ecosystem.

In recent years, Christian Tour has accelerated its digital transformation, expanding online booking capabilities and transitioning toward a hybrid model that combines traditional tour-operator expertise with the scalability of a modern Online Travel Agency (“OTA”) platform.

Business Highlights

Christian Tour operates in a tourism sector benefiting from favorable structural trends and combines brand recognition, operational expertise and expanding digital capabilities. This positions the Company to capture long-term travel demand growth in Romania and across Europe. Key highlights of the Company’s positioning and market opportunity include:

• Exposure to a major global industry as the first pure-play tour operator on the BVB: Tourism is one of the world’s largest economic sectors, contributing approximately 10% of global GDP in 2024 (around EUR 9.46 trillion) and supporting approximately 357 million jobs worldwide. Despite its scale and importance, tourism is not currently represented on the Bucharest Stock Exchange. Christian Tour intends to become the first listed tour operator on the Romanian capital market, offering investors direct exposure to the sector’s long-term growth through one of Romania’s most significant players.

• Positioned in one of the EU’s most underpenetrated outbound tourism markets: Romania remains among the least penetrated tourism markets in the European Union. According to 2024 Eurostat data, only around 28% of Romanians take at least one personal trip annually, compared with approximately 65% across the EU, while less than 10% of trips by Romanian residents are outbound-the lowest share among EU member states. This gap highlights significant long-term potential for outbound tourism development, supported by anticipated disposable income growth as Romania’s economy converges toward the EU average.

• Growing demand for international travel among Romanian consumers: Outbound tourism demand is expanding rapidly. The number of Romanians taking trips increased by over 30% in 2024 compared with 2023-the fastest growth in the European Union, as reported by Eurostat. According to the National Bank of Romania, spending by Romanian travelers abroad reached over EUR 9.5 billion in 2025, up from EUR 8.9 billion in 2024, representing 7% year-on-year growth.

• Scaled operating platform with national reach and diversified product mix: Christian Tour combines a broad portfolio of travel products with multi-channel distribution, serving a large and growing customer base across multiple travel segments through its own network, partner channels and expanding digital ecosystem.

• Operating in a sector attracting consolidation and international investor interest: Romania’s tourism sector is entering a new phase of consolidation and international validation. Recent transactions involving regional tourism platforms and strategic investors, together with international operators’ expansion into Romania, confirm the sector’s growing attractiveness and highlight the long-term potential for scaled tourism operators.

Financial Results

Christian Tour has delivered strong revenue growth and improved profitability in recent years, reflecting the recovery of international travel demand in the post-pandemic period and continued expansion of organized tourism among Romanian consumers.

In 2025, the Company generated booking-date sales of approximately RON 983 million, representing growth of approximately 14% compared with 2024 and around 41% compared with 2023. This highlights the significant expansion of the Company’s tourism platform and growing demand for its travel products. Booking-date sales represent the total value of tourism services sold during the year, regardless of when travel services are delivered.

Revenues from contracts with customers, recognized under IFRS based on when travel services are delivered and the Company’s role as principal or agent, reached RON 803 million in 2025-a 32% increase compared with 2024 and approximately 34% compared with 2023.

Operational performance also continued to improve. The total number of travelers served increased from approximately 297,000 in 2023 to 353,000 in 2024 and nearly 369,000 in 2025, reflecting continued tourism platform expansion and the effectiveness of distribution channels. Average revenue per booking increased from approximately EUR 1,282 in 2023 to EUR 1,327 in 2024 and EUR 1,439 in 2025, highlighting positive evolution in product mix and growing demand for higher-value travel products.

Christian Tour’s business is supported by a diversified tourism offering. In 2025, the Packages segment represented the core activity, generating RON 638 million in booking-date sales (approximately 65% of total sales), followed by Groups and Experiences at RON 187.7 million (19%), Flights and Accommodation at RON 127.9 million (13%), and other activities at approximately 3% of total sales.

Profitability improved alongside activity expansion. Adjusted EBITDA reached approximately RON 44.4 million in 2025, compared with RON 31.8 million in 2024 and RON 30.4 million in 2023, reflecting operational leverage of the Company’s platform as tourism volumes continue to grow. Gross margin increased to approximately RON 94.3 million in 2025 from RON 71.0 million in 2024 and RON 63.1 million in 2023, reflecting the stronger contribution of the Company’s expanding tourism platform. The Company recorded net profit of approximately RON 31.9 million in 2025, compared with RON 26.2 million in 2024 and RON 30 million in 2023, highlighting continued business growth and resilience.

Investment Plan and Growth Strategy

The capital raised through the share capital increase component of the Offering is intended to support Christian Tour’s next development stage by strengthening technological capabilities, expanding the tourism platform and supporting further operational growth.

A central pillar of the Company’s strategy is accelerating digital transformation, with a focus on developing a scalable OTA platform to enhance online distribution and improve customer access to travel services through an integrated digital ecosystem.

Additionally, Christian Tour intends to consolidate its market position through organic growth and selective acquisitions, strengthen operational capabilities, optimize working capital, and continue investing in brand development, customer loyalty and distribution channel expansion to support long-term growth and scalability.

DISCLAIMER – IMPORTANT NOTICE

This press release does not constitute an offering for sale of securities in the United States. The securities to which this press release refers have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States. There will be no public offering of securities in the United States.

In Member States of the European Economic Area, this communication is addressed only to persons who are “qualified investors” within the meaning of Article 2(e) of the EU Prospectus Regulation (Regulation (EU) 2017/1129). This communication is not an advertisement within the meaning of applicable measures implementing the EU Prospectus Regulation. In accordance with Directive 2014/65/EU, the information contained herein is addressed exclusively to eligible and professional counterparties, regardless of distribution channel.

Christian Tour has not authorized any offering of securities to the public in any Member State of the European Economic Area other than Romania. In respect of each Member State of the European Economic Area other than Romania that has implemented the EU Prospectus Regulation (each, a “Relevant Member State”), no action has been taken or will be taken to make an offering of securities to the public that requires the publication of a prospectus in a Relevant Member State. Accordingly, securities may only be offered in the Relevant Member States to a legal entity that is a qualified investor as defined in the Prospectus Regulation; to fewer than 150 natural or legal persons per Relevant Member State (other than qualified investors as defined in Article 2(e) of the Prospectus Regulation), subject to obtaining the prior consent of the Intermediary for any such offering; or in any other circumstances falling within the scope of Article 1(d) of the EU Prospectus Regulation, provided that no such offer of securities requires the publication by Christian Tour, the shareholders of Christian Tour or the Intermediary of a prospectus pursuant to Article 3 of the Prospectus Regulation or a supplement to the prospectus pursuant to Article 23 of the Prospectus Regulation. For the purposes of this paragraph, the expression “offering of securities to the public” in any Relevant Member State means the communication, in any form and by any means, of sufficient information about the terms of the offering and the securities to be offered, so as to enable an investor to decide to purchase any securities, as they may vary in that Member State by any implementing measure of the EU Prospectus Regulation, and the expression “EU Prospectus Regulation” means Regulation (EU) 2017/1129 and includes any relevant implementing measure in each Relevant Member State.

The approval of the Prospectus does not constitute a guarantee or any kind of assessment by the ASF regarding the opportunity, advantages or disadvantages, profit or risks involved in accepting the Offering, which is the subject of the approval decision; the approval only certifies the compliance of the Prospectus with the legal requirements and the rules adopted for its application.